The 34,000m 2scheme will be the first UK venture for Multiplex Living, the residential development division of Multiplex Group.
The project - which will be built on a podium above a Tesco car park - will consist of 430 apartments on 27 residential floors, with a health club at entry level.
The developer hopes that the project, which includes a sizable proportion of social housing, will help launch Multiplex as a residential name in this country.
Multiplex developments director Richard Banks said: 'Working in conjunction with Tesco, West Cromwell Road represents an ideal opportunity for us to introduce the Multiplex Living brand into the UK.
'This high-quality development reflects our strong brand values and harnesses the wealth of experience and resources that Multiplex can bring to bear in delivering this landmark scheme,' he added.